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Inc.: Don't Quit Your Day Job
Originally found at Inc., by Jeff Haden.
A reader emailed to ask whether I thought his idea for a startup was a good one. I told him that's an impossible question to answer since success invariably depends more on the founder -- his or her skills, experience, drive, persistence, etc. -- than the actual idea.
He also wanted to know whether he should quit his day job and dive in.
I told him no.
Sure, it sounds romantic to go all in. To throw caution to the wind. To leap from the highest cliff and build wings on the way down. To show just how committed you are -- and how much you believe -- by not having a plan B.
That's what successful entrepreneurs do, right?
Some, sure.
But not most.
A 2013 study of over 5,000 entrepreneurs over a 15-year period published in Academy of Management Journal found that the startups of people who kept their day jobs -- the researchers call it "hybrid entrepreneurship" -- were 33 percent less likely to fail than those who quit their day jobs.
Continue reading the original article at Inc.
Read the original research in Academy of Management Journal.
Learn more about the AOM Scholars and explore their work:
- Joseph Raffiee, University of Wisconsin–Madison
- Jie Feng, University of Wisconsin–Madison